Economics & Trade

Value of seafood exports plummets by 13.5 percent as imports remain unchanged

Partial view of the Port of Tórshavn.

2020 saw a year-on-year decrease of 1.2 billion DKK (161.4 million EUR) in seafood exports for the Faroe Islands, according to figures released by Statistics Faroe Islands. In value, the decline totaled as much as 13.5 percent on the previous year, whereas the total volume shrank by only one percent.

Atlantic mackerel, however, swam against the current, with exports of that species growing by 12 percent in volume and two percent in value.

Out of last year’s total export value of 8.395B DKK (1.129B EUR), seafood as usual represented by far the largest share, at 7.723B DKK (1.038B EUR).

“Export figures for most commodity groups decreased last year,” the agency stated. “In value terms, salmon exports saw the biggest drop, with a year-on-year decrease of 700 million DKK [94.1M EUR]. Cod exports dropped by just over 300 million DKK and herring exports decreased by 120 million DKK. Mackerel exports amounted to almost 1 billion DKK last year, increasing by 2% in value and 12% in volume.”

Meanwhile, the total value of trade imports remained largely unchanged for 2020 compared to the previous year, as per Statistics Faroe Islands.

Imports of goods for household consumption increased by 11 percent in 2020, with durable and semi-durable consumer goods such as furniture and domestic appliances taking the lion’s share. Imports of raw materials for fish processing, goods for the construction industry and other production likewise increased.

Wrote Statistics Faroe Islands: “At roughly 8.1 billion DKK [1.1B EUR], the total import value for 2020 was about the same as in 2019, and 5% higher than in 2018. Since 2014, imports have seen annual increases of between 2% and 10%, but this growth has now come to a halt.”

Share this article on social media: